Country Road Communications Completes $32 Million Equity Financing.Business Editors MORRISTOWN, N.J.--(BUSINESS WIRE)--Aug. 1, 2002 Country Road Communications, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , today announced the sale of $32 million of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. to ABRY Partners ABRY Partners is a private equity firm headquartered in Boston, Massachusetts that focuses on investments in media. Since 1989, the firm has completed over $18.0 billion of leveraged transactions and other private equity and mezzanine investments, representing investments in more LLC and The Prudential Insurance Company of America. Proceeds from the sale were used to finance the Company's acquisition of two Incumbent Local Exchange Carriers ("ILECs"). ABRY Partners is a private equity firm with over $2 billion of capital under management dedicated exclusively to the media and communications sectors. ABRY has also committed up to an additional $50 million to Country Road to fund new acquisitions. Country Road was formed in January 2000 to acquire and partner with ILECs to provide advanced telecommunications services to growing non-urban markets throughout the U.S. As of June 30, 2002 Country Road had 33,800 access lines in Maine, California and West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. , providing residential and business customers with a full array of telecommunications services. "This financing is a major milestone for Country Road, as it strengthens our capital structure and positions us for continued growth both internally and through additional acquisitions," said Country Road Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Harry Bennett. With this financing, ABRY will become the lead investor in Country Road. "We believe this is an excellent time to be investing in ILECs. Country Road has assembled a strong group of companies and the management team has demonstrated their ability to add value to the operations over the last two and one half years," said Jay Grossman, Partner of ABRY. Country Road's goal is to become one of the nation's leading communications companies outside of major metropolitan areas. "We have a track record of success in working with local management to provide benefits to customers and employees," stated Mr. Bennett. "We will continue to use this model as we acquire and integrate new ILECs." Harry Bennett is a 28-year veteran of the telecom industry who, prior to founding Country Road, was an Executive Vice President of AT&T. For more information, see our web site at www.countryrdcom.com or contact: Peter Saulnier, SVP SVP S'il Vous Plaît (French: Please) SVP Senior Vice President SVP Schweizerische Volkspartei (Swiss People~s Party) SVP Society of Vertebrate Paleontology SVP Social Venture Partners SVP St Vincent de Paul & CFO See Chief Financial Officer. Country Road Communications, LLC. 1500 Mt. Kemble Avenue Morristown, NJ 07960 (908) 221-9022 x21 |
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